Multiple Choice Questions on Purchase of goods has been recorded as purchase of plant amp machinery ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Purchase of goods has been recorded as purchase of plant amp machinery ........

General Accounting Principles Accounting cycles
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Purchase of goods has been recorded as purchase of plant & machinery-

Error of commission

Incorrect Answer

Error of omission

Incorrect Answer

Error of principle

Correct Answer

 Compensating errors

Incorrect Answer
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Explanation:

Expenses on goods purchased is wrongly considered as asset. Hence such an error is an error of principle.

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